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Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
 This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, ranging from MRs to VLs, changing hands, an increase of around 21% compared to the same period last year.
After a strong start in the first quarter, the freight market went through a significant softening particularly in the case of the crude carriers while the smaller/clean sizes performed significantly better. Overall sentiment remains bullish for the rest of the year, both in terms of freights as well as asset values. On the chartering side we see owners having high ideas for long term period charters and on the S&P front we see most ships being sold at a premium over last done.
Firm interest can be observed in the MR tanker segment, with a lot of ships changing hands during the past couple of months. Recently, we had the sale of MT High Sun (Hyundai Vinashin 50k 2014) for $28.7m to Ditas from Turkey; a firm price compared to the March reported sale of the same age/quality Korean built MRs that Glencore sold to JP Morgan for $27.5m (MT Alpine Mary & Alpine Maria, SPP 50k 2014). On the 10-year old ships, after the sales of the MT Unique Explorer (Onomichi 50k 2010) that was sold to Palonji Shipping from India for $17.5m and the Japanese owned MT Fidelity II (Iwagi 47k 2011) that was sold for $18.25m to Maersk Tankers last month, we see a handful of buyers that are looking for similar units and willing to go the extra mile to put their hands on fresh tonnage.
Hence we expect the bullish buyers to remain active and asset values to move further north as a result. On the Japanese 15 year old pumproom ships with surveys due, we also had the sales of the MT High Power (Naikai 47k 2004) and the MT Uacc Strait (Shin Kurushima 46k 2004) for $8.6m and $8.75m respectively and expect to see more vessels being sold soon. Finally we note that Sinokor’s Korean deepwell ships, the MT Security and the MT Tenacity (Hyundai 47k 2004) were sold for $9.75m basis surveys passed.
Regarding Aframax and VLCCs, what depicts the bullish sentiment in today’s S&P market is the lack of 10 year old or younger quality tonnage available for sale with several buyers waiting to compete over the next candidate. We note the sale of the MT Maersk Jeddah and the MT Maersk Jamnagar (Sumitomo 105k 2011) committed at a firm price of $30.3m each, potentially to Greek buyers whose main interest is in the dry bulk shipping market. The auction of the MT Brightoil Lion (Tsuneishi 107k 2010) and the MT Brightoil Grace (Hyundai 320k 2013) that were recently under the hammer also drew a lot of attention. What is noticeable is that although auction sales usually attract interest due to the nature of the sale being distressed, several large tanker owners offered healthy prices, with the VLCC being sold for $61.5m, while 10 parties offered on the Aframax that is rumored sold at region $26m.
All in all, activity is high, sentiment remains bullish and many owners argue that the healthy SnP market we experienced in 2019 is just the beginning of the so called “IMO Story” that has started to play out and will come in full effect coming into Q4 2019.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
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